Politicians are beginning to realize the impact of losing revenue from payroll taxes.

"The payroll tax holiday was intended to be temporary and there is strong bipartisan support to let that tax provision expire," Sen. Orrin Hatch of Utah, told CNBC. "The continued extension of a temporary payroll tax holiday has serious long-term implications for Social Security and, frankly, it's not even clear that it has helped to boost our ailing economy."